WWLegal.com :: MAS Signs Regulatory Memorandum of Understanding with the China Insurance Regulatory Commission

MAS Signs Regulatory Memorandum of Understanding with the China Insurance Regulatory Commission
Posted on Monday, May 23, 2005 - 12:00 AM

The Monetary Authority of Singapore (MAS) today signed a regulatory Memorandum of Understanding (MOU) with the China Insurance Regulatory Commission (CIRC), the authority responsible for regulation of the insurance industry in China.

23 May 2005...The Monetary Authority of Singapore (MAS) today signed a regulatory Memorandum of Understanding (MOU) with the China Insurance Regulatory Commission (CIRC), the authority responsible for regulation of the insurance industry in China.

2. The MOU paves the way for greater cooperation between the two regulators. MAS and CIRC first signed a MOU in 1999 to facilitate cooperation in training and exchange programmes. The new MOU expands the scope to the sharing of supervisory information on Singapore and Chinese insurers operating in either market so as to strengthen the supervision of the insurers' cross-border operations.

3. The MOU was signed by Ms Teo Swee Lian, Deputy Managing Director, MAS, and Mr Li Kemu, Vice-Chairman, CIRC, in Beijing on the side of the Conference on Insurance Regulatory Cooperation in Asia hosted by CIRC. Ms Teo said, "This MOU underscores the warm and very good working relations between MAS and CIRC. As insurance companies become regional and global players, cooperation among regulators to ensure more effective and comprehensive supervision of their insurance companies is essential."

4. MAS has signed an MOU with the Hong Kong Office of the Commissioner of Insurance in 2002 and is currently negotiating MOUs with other regulators on cooperation in insurance-sector supervision.

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